........."Lawmakers Weigh Plan for Stimulus"
"Lawmakers Weigh Plan for Stimulus," see http://www.nytimes.com/2008/10/10/business/10stimulus.html. Part of the article is below.
"The Federal Reserve and Congress are pushing out close to $1 trillion to repair the nation’s financial system and to encourage lending. But that is not enough to revive the economy. Spending has to resume.
Consumers, however, have cut back sharply on their spending, in what will be the first quarterly decline in 17 years when the government tally is in for the third quarter.
Business, in response, is shrinking its outlays for equipment, supplies and personnel. And now dozens of state and city governments, their tax revenue falling short of expectations, are engaged in yet another round of cost-cutting.
To offset this shrinkage, and head off a severe recession, the Democratic leadership in Congress is “seriously considering” a large fiscal stimulus proposal, which would send a significant amount of money to states and cities.
“We have to prop up consumption,” Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, said in an interview in which he revealed some of the details the party leadership is discussing.
The new proposal would be far greater than the $60 billion stimulus package that the House passed in late September, Mr. Frank said."
.......http://www.JoeFRocks.com/
"The Federal Reserve and Congress are pushing out close to $1 trillion to repair the nation’s financial system and to encourage lending. But that is not enough to revive the economy. Spending has to resume.
Consumers, however, have cut back sharply on their spending, in what will be the first quarterly decline in 17 years when the government tally is in for the third quarter.
Business, in response, is shrinking its outlays for equipment, supplies and personnel. And now dozens of state and city governments, their tax revenue falling short of expectations, are engaged in yet another round of cost-cutting.
To offset this shrinkage, and head off a severe recession, the Democratic leadership in Congress is “seriously considering” a large fiscal stimulus proposal, which would send a significant amount of money to states and cities.
“We have to prop up consumption,” Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, said in an interview in which he revealed some of the details the party leadership is discussing.
The new proposal would be far greater than the $60 billion stimulus package that the House passed in late September, Mr. Frank said."
.......http://www.JoeFRocks.com/
posted by Joe Ferrazzano at
10:58 PM
0 Comments:
Post a Comment
<< Home